Minister: Azerbaijan's economy developing with private sector playing leading role

Azerbaijan's non-oil and gas economy has grown by an average of 5% annually since 2020, and its share of the country's gross domestic product reached 72% last year, Azerbaijani Economy Minister Mikayil Jabbarov said at the Azerbaijan-Cambodia Business Forum, Report informs.

"Azerbaijan's economy is currently developing with the private sector playing a leading role," he said.

Jabbarov said the country's strategic foreign exchange reserves now exceed 110% of GDP, while external public debt accounts for just 5.6% of GDP.

"We are proud to offer a predictable and transparent environment," he said.

The minister added that Azerbaijan has attracted more than $350 billion in investment over the past 20 years, with half of that amount consisting of foreign direct investment.

"The private sector has been the main driver of economic growth. Over the past eight years, we have doubled the number of jobs in this sector. The number of non-oil exporters has also doubled over the last six years. That is why we continue to introduce new support mechanisms for entrepreneurs," Jabbarov said.

He noted that businesses have access to concessional loans, credit guarantees, and subsidized interest rates. In addition, the government compensates up to 70% of exporters' transportation and logistics costs, helping Azerbaijani products compete more effectively in foreign markets.